Trump's crypto moves could upend the public payment network
Custodia Bank CEO Caitlin Long shed light on the state of crypto banking and explained how Trump’s crypto moves could lead to an upending of the public payment network.
Odaily Planet Daily News: Donald Trump's return to the White House has given Bitcoin and Coinbase investors more reasons to cheer. The new president has promised to promote the development of the US cryptocurrency industry by relaxing regulations. After Thursday's closing, investors will know whether this celebration translates into higher profits. Trump has promised to build the United States into the "global capital of cryptocurrencies" by introducing a more relaxed regulatory system. Trump has appointed or nominated regulators who support cryptocurrency in multiple institutions such as the Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), and Commodity Futures Trading Commission (CFTC). Under the leadership of Acting Chairman Mark Uyeda, the SEC has begun pushing forward with a cryptocurrency working group aimed at developing plans for the industry to operate legally in the United States, while venture capitalist David Sacks has led similar efforts in the White House. These changes are crucial for Coinbase as the SEC sued the company in 2023, accusing it of operating an unregistered stock exchange. Coinbase has defended against this accusation. Under Trump's leadership, there is a high probability that the SEC will abandon this case or reach some kind of agreement, allowing Coinbase to continue operating as planned. As of now, Coinbase has not responded to comment requests. (Barrons)
The main large order is displayed on the K line in the form of a horizontal line, the thicker the line means the larger the pending order amount, and the longer the line represents the longer the pending order time
Odaily Planet Daily News: According to analysts' expectations compiled by FactSet, Coinbase is expected to report earnings per share (EPS) of $2.11 and revenue of $1.84 billion in the fourth quarter. This is a significant increase compared to the earnings per share of $1.04 and revenue of $954 million in the fourth quarter of 2023. Analysts estimate that Coinbase's total trading volume in the fourth quarter was $216 billion, higher than the $185 billion in the third quarter and the $154 billion in the fourth quarter of 2023. Although the growth is significant, it is still far below the $312 billion trading volume set by Coinbase in the first quarter of last year, when the approval of Bitcoin spot exchange traded funds (ETFs) sparked a renewed wave of cryptocurrency trading. Investors will also pay attention to the continued growth of Coinbase's subscription and service business, including the revenue earned by the company from stablecoin USDC. The expected revenue for this department is 611 million US dollars, higher than the 375 million US dollars in the same period last year. (Barrons)
Odaily Planet Daily News: Brian Quintenz, Global Head of Policy for a16z Crypto, has been nominated by US President Trump to become the next Chairman of the Commodity Futures Trading Commission (CFTC). Chris Dixon, Managing Partner of a16z Crypto, stated in an article on X platform that Brian Quintenz has been with a16z Crypto for over three years, initially serving as a senior advisor and later as a policy director. His professional knowledge is invaluable to the cryptocurrency industry and he will become an outstanding CFTC Chairman.
BlockBeats News: On February 13th, Ethereum co-founder Vitalik Buterin posted on social media that the Railgun privacy pool mechanism allows Railgun to avoid processing criminal proceeds without any monitoring or backdoors. The operation method is as follows: Anyone can deposit money into Railgun· After depositing, there will be a 1-hour detection period during which various algorithms will analyze whether the deposit may have originated from criminal activities they have identified· If the deposit passes the screening, users can use Zero Knowledge Proof (ZKP) for private withdrawals within 1 hour (but it is recommended to wait longer to obtain sufficient anonymous sets)· If the deposit does not pass the screening, the user can only withdraw the funds back to their own address. This will not result in the funds being frozen or confiscated, but rather the anonymity feature of the privacy pool cannot be enjoyed. If someone does not agree with Railgun's filtering rules, they are free to fork and create their own privacy pool, but if they cannot gain sufficient public support, their anonymity will be very limited